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This year's budget meeting, which is open to the public, will be held at the council's offices in Bridge Street and it is due to begin at 6.30pm.

Here are six things everyone should know about the council's budget and what it means for people living in Reading.

Council tax is going to increase

Like most local authorities in the country, Reading Borough Council is expected to hike council tax by 4.99 per cent. If it wanted to enforce a greater increase it would have to hold a referendum.

This means people living in Band C homes will have to pay £1,531.85 in council tax next year.

Councillor Jo Lovelock, leader of the council, said she had "very little option but to recommend the increase", as the council attempts to make huge savings while cover the rising costs of adult and children's social care.

Proposed council tax valuation bands for 2017/18

£1148.88

A

£1340.36

B

£1531.85

C

£1723.33

D

£2106.29

E

Reading Borough Council

If the increase is approved, it means the council will collect around £92 million from council tax payers in 2017/18.

The hike includes an social care precept of three per cent. All of the money raised by this levy can only be spent on social care services in Reading.

Councillors are blaming Government cuts

Cllr Jo Lovelock and Cllr Tony Page with a chart which illustrates Government funding reductions

The council has blamed huge reductions in Government funding on pretty much every austerity measure it has brought in over the last few years.

In 2010 it received £57.5 million from the Government. But in 2017/18 it will receive £10 million and by 2019/20 it will only get £2 million.

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Reading's population is also ageing and by 2020, a quarter of people who pay for their own care are expected to run out of money and become reliant on the council.

However, the council is looking to reduce its annual expenditure on children's safeguarding services by £2.1 million to £24.5 million.

It is also looking to cut its adult services budget by £5.32 million to £32.7 million.

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The council has exhausted its reserves

Desperate times call for desperate measures.

The cash-strapped council has used reserves of £11.1 million to set a balanced budget for 2017/18.

This means it does not have much left to fall back on in the case of an emergency as its reserves are at the absolute minimum level of £5 million.

A council spokesman says "the council no longer has an adequate level of reserves, except a £5m minimum general fund balance, only a £4.5m insurance reserve is planned, and is exposed to even modest shocks."

There are still plans to invest in infrastructure

Artist's impression of Green Park Station

It's not all doom and gloom. Contributions from housing developers who build in Reading and grants from the Government have left the council with some money to invest in infrastructure.

Over the next year it is planning to invest more than £6.8 million in Green Park Station and £1 million in East Reading Mass Rapid Transit scheme.